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Public and Shared folders allow messages to be shared among accounts.
Public folders allow folders in the 'public' email account of a domain to be accessed from other accounts in the domain.
Shared folders allow folders in individual user accounts of a domain to be accessed from other accounts in the domain.
Permissions ('access control lists' or ACLs) specify the type of access allowed for each public or shared folder and account name. Access can be restricted to a particular set of accounts, or made available to all accounts in a domain.
ACLs are generally setup in the account owning the folder(s) to be shared, although 'administrative' permission can be subdelegated, allowing another account to manage folder ACLs.
Public and shared folders are accessed using IMAP; Webmail uses IMAP and supports public and shared folders.